1、2024Table of ContentsCORPORATE DIRECTORY 3CHAIRMANS LETTER 4REVIEW OF OPERATIONS 5ESG ANNUAL REPORT 23DIRECTORS REPORT 24REMUNERATION REPORT(AUDITED)31AUDITORS INDEPENDENT DECLARATION 38CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME 39CONSOLIDATED STATEMENT OF FINANCIAL POSI
2、TION 40CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 41CONSOLIDATED STATEMENT OF CASH FLOWS 42NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 43CONSOLIDATED ENTITY DISCLOSURE STATEMENT 64DIRECTORS DECLARATION 65INDEPENDENT AUDIT REPORT 66SHAREHOLDER INFORMATION 70SCHEDULE OF MINERAL TENEMENT INTERESTS
3、723Corporate DirectoryDirectorsMr John DorwardExecutive ChairmanDr Matthew GreentreeChief Executive Officer and Managing DirectorMr Adrian GoldstoneNon-Executive DirectorMr Mark TurnerNon-Executive DirectorCompany SecretaryMr Denis RakichRegistered OfficeLevel 1,307 Murray StreetPerth WA 6000Telepho
4、ne:(08)9220 9890Facsimile:(08)9220 9820Web:.auEmail:.auSecurities ExchangeAustralian Securities Exchange(ASX)Level 40 Central Park152-158 St Georges TerracePerth WA 6000ASX Code:AUCFRA Code:AU4Share RegistryAutomic GroupLevel 5,191 St Georges TerracePerth WA 6000Telephone:1300 288 664AuditorsBDO Aud
5、it Pty LtdLevel 9,Mia Yellagonga Tower 25 Spring St Perth WA 6000Telephone:(08)6382 4600Facsimile:(08)6382 4601BankersWestpac Banking CorporationLevel 8,109 St Georges TerracePerth WA 6000SolicitorsGilbert&TolbinLevel 16 Brookfield Place Tower 2123 St Georges TerracePerth WA 6000Lawton McMaster Lega
6、lLevel 9,40 The EsplanadePerth WA 6000Australian Business NumberABN 67 140 164 4964Chairmans LetterDear Fellow Shareholder,The last 12 months have seen a significant amount of activity at our Company and have laid the foundations to progress the Katanning Gold Project(“KGP”)as a near-term Australian
7、 gold producer.The board of Ausgold has recently been refreshed with a clear focus on project delivery.Management depth has been augmented with senior finance and permitting appointments to enable the Company to fully realise its potential to move through the study and development phases and ultimat
8、ely into production.I joined the board in May along with Adrian Goldstone and Mark Turner,two seasoned mining professionals with successful pedigrees in company building and mine development.The opportunity to join a company with a clear line of sight on developing a 3.0 million ounce deposit in one
9、 of the premier mining jurisdictions of the world was compelling.Following an oversubscribed equity financing of$38 million,Ausgold is in a strong financial position.We commenced the new financial year with zero debt and approximately$25m in cash at bank,which is intended to fund our journey through
10、 completion of the definitive feasibility study,permitting and approvals to a final investment decision at Katanning.As part of the equity raising,we were pleased to have a significant number of existing shareholders continue their support of the Company.In addition,we welcomed to the Ausgold regist
11、er a strong roster of offshore shareholders,including numerous leading North American and European precious metals funds.In September 2023,the Company released an updated mineral resource estimate.The September update incorporated the results of an additional 17,000 metres of drilling at the KGP,wit
12、h methodology refinements and a review by Snowden Optiro,a leading Australian mining consultancy.The update featured a robust increase of 14%to 89Mt at 1.06g/t for 3.04 million ounces.Importantly,resources in the measured and indicated category increased by 12%to 2.42 million ounces which provides a
13、 strong platform upon which to base the definitive feasibility study.Project resilience was enhanced by the acquisition of 1,026 hectares of freehold farmland adjacent to the Companys granted mining leases.This land,now fully under Ausgolds control,is ideally located to host the projects processing
14、facility and associated infrastructure.Land access negotiations for future mining areas covered by the Companys granted tenure are ongoing.While Ausgolds focus is advancing the feasibility study and permitting of the KGP,we shouldnt forget the considerable exploration potential of the Companys comma
15、nding regional exploration package.We believe that Katanning,and its immediate surrounds,have the potential to host a globally significant gold province.Shareholders can look forward to an active exploration effort over the course of 2025 as we test a number of high priority targets.Our exploration
16、targets fall into three broad categories.Firstly,we are pursuing resource extensions along strike of the existing resource base at the Katanning Gold Project with Lukin a prime example.Secondly,we are looking for regional scale repeats in close proximity to Katanning such as Grasmere,and finally,pot
17、ential satellite sources of feed for high grade ore from targets such as Stanley.In closing,I would like to thank all of our long-standing shareholders and stakeholders for their support and encouragement.In addition,I would like to extend a warm welcome to all of our new shareholders,and I look for
18、ward to reporting back to you after what I am confident will be a rewarding year ahead.Yours sincerelyJohn DorwardExecutive Chairman5Review of Operations FY2024Review Of Operations FY2024Highlights:Katanning Gold Project,WA(AUC:100%)Updated Mineral Resource Estimate(“MRE”)delivered for the Katanning
19、 Gold Project(KGP),confirming it as the largest free-milling,open cut gold development in WA JORC Mineral Resource increased to 89Mt at 1.06g/t for 3,040,000 ounces of gold:15%increase(400,000oz)in contained ounces over the MRE included in the 2023 Scoping Study 12%increase in the Measured and Indic
20、ated Resource to 2.42 million ounces,representing 80%of total contained ounces,providing a strong platform to underpin the Definitive Feasibility Study.Over 2 million ounces of gold added over the past four years since the discovery of the Jinkas South deposit,with best-in-class discovery economics
21、of$11 per Resource ounce.Independent third-party review by Snowden Optiro endorses the KGP Resource,which remains open both at depth and along strike.Further significant progress achieved with the Definitive Feasibility Study(“DFS”)on the Katanning Gold Project,with key updates including:Submission
22、of Mining Lease Applications to support development infrastructure.Completion of open pit geotechnical assessment.Completion of metallurgical test work,including comminution test work for Process Plant design Receipt of proposals for on-site power supply and identification of accommodation sites.Str
23、ategic review of the KGP development plan initiated by the new Board members,with an enhanced DFS scheduled for completion in H1 CY2025.Settlement completed on the purchase of two farming properties covering key mining and infrastructure areas at the KGP,significantly de-risking the project developm
24、ent.Corporate Board restructured with the appointment of former Roxgold CEO John Dorward as Executive Chair and experienced mining executives Mark Turner and Adrian Goldstone as non-executive Directors.A$38 million share placement completed to underpin ongoing work programs at the KGP through to a F
25、inal Investment Decision(“FID”).The placement was cornerstoned by leading international investors including Jupiter Asset Management and Dundee Corporation.1-for-10 share consolidation completed to provide a more effective capital structure for the Company in line with its size and peer group,and a
26、share price more appealing to a wider range of investors,particularly global institutional investors.Two senior executive appointments announced to augment the senior leadership team and build out its capacity to deliver the KGP,with Ben Stockdale appointed as Chief Financial Officer and Troy Collie
27、 as Manager Environment&Approvals.A$25 million cash at bank following the completion of the capital raising and repayment of loan notes.Management AdditionsDuring the reporting period,Ausgold announced two key management additions to build out its capacity to deliver the KGP.Mr Ben Stockdale was app
28、ointed as Chief Financial Officer and Mr Troy Collie was appointed as Manager Environment and Approvals.Mr Stockdale has very relevant experience with responsibility for delivering successful project financing facilities for the Sepon Project in Laos along with Prominent Hill and Golden Grove while
29、at Oxiana Limited.In addition,he delivered financing for the Jabal Sayid Copper-Gold Mine in Saudi Arabia.Mr Collie is an accomplished environment and approvals professional with a demonstrated track record of delivering timely permits and approvals across a range of projects and commodities.Most re
30、cently,Troy spent 10 years at Mount Gibson Iron Limited as General Manager responsible for approvals,compliance and closure.Review Of Operations continued6KATANNING GOLD PROJECTWESTERN AUSTRALIA(AUC 100%)Ausgold Limited(ASX:AUC)(“Ausgold”or“the Company”)is an ASX-listed gold development company whic
31、h is focused on developing the advanced 3.04Moz Katanning Gold Project(“KGP”),located 275km southeast of Perth in Western Australia,as the foundation for a significant new mid-tier gold operation.Ausgold holds a dominant tenure position over the entire Katanning Greenstone Belt,located within the go
32、ld-rich Archean Yilgarn Craton.The Yilgarn is one of Australias premier mineral provinces and hosts numerous major gold deposits.Ausgold holds over 5,500km2 of ground in the historically underexplored and highly prospective south-west portion of the Yilgarn Craton(Figure 1).Figure 1 Ausgolds regiona
33、l South-West tenure location shown in yellowReview Of Operations continued7The KGP lies within a major mineralised structural corridor,with exploration to date outlining a 17km trend hosting multi-lode gold mineralisation across three key zones that include the following gold deposits and prospects(
34、Figure 2):Central Zone Jinkas,Jackson,White Dam and Olympia Southern Zone Dingo,Lukin and Rifle Range Northern Zone DatatineFigure 2 Map of the 17km Katanning Gold Project,including the Northern,Central and Southern ZonesReview Of Operations continued8Table 1 Life-of-Mine Mineral Resources and Ore R
35、eserve InventoryMineral Resource Tonnes(Mt)Grade(g/t Au)Contained Ounces(oz)Measured 38.11.101,352,000Indicated 31.81.041,067,000Inferred 18.91.02620,000Total 88.91.063,040,000Ore ReserveTonnes(Mt)Grade(g/t Au)Contained Ounces(oz)Probable 321.251,280,000Total 321.251,280,000Notes:Resource is reporte
36、d at a lower cut-off grade of 0.45 g/t Au and above 150m RL(approximately 220m depth),the underground Resource is reported at 1.8 g/t Au beneath 150m RL and historic tails are reported at 0 g/t Au cut-off grade.Resource numbers may not total exactly due to rounding.Ore Reserves are reported based on
37、 a A$2,200 gold price as a basis for cut-off grade estimations and pit optimisations.Life of Mine(“LOM”)only includes Central Zone and Dingo Resource areas.The Ore Reserve and LOM only include Measured and Indicated Resource.Upgraded JORC Mineral ResourceThe upgraded Mineral Resource announced on 4
38、September 2023 totals 3.04 million ounces of gold(see Table 1 for details).The upgrade represents a 15%increase in total contained ounces compared with the previous MRE(22 May 2023)and is underpinned by a sustained period of exploration success which has established the KGP as the largest free-milli
39、ng,open cut gold development project in Western Australia(Figure 3).The updated KGP MRE was reported in accordance with the 2012 JORC Code and has further expanded the Northern,Central and Southern Zone Resources.Since the previous Resource estimate,over 17,305m of Reverse Circulation(RC)and diamond
40、 drilling has been completed in Resource areas during the FY2023 period,adding a further 400,000 ounces(Figures 4 5).Importantly,the new drilling has increased Measured and Indicated Resource categories by a further 264,000 ounces,which now total 2,420,000 ounces and will form the basis of the ongoi
41、ng Definitive Feasibility Study.Significant intercepts received during FY2023,which supported the upgraded MRE released during FY2024 included:4m 17.05 g/t Au from 207m including 2m 33.86 g/t Au from 208m in BSRC1535(Jinkas)7m 6.99g/t Au from 133m including 2m 23.30g/t Au from 133m in BSRC1537(Jinka
42、s)12m 3.88g/t Au from 88m including 11m 4.19g/t Au from 89m in BSRC1600(White Dam)3m 13.88g/t Au from 39m including 1m 40.28g/t Au from 39m BSRC1602(Jackson)4.2m 9.41g/t Au from 218.91m including 2.0m 19.20g/t Au from 219.58m in BSRCD1596(Datatine)16m 2.42g/t Au from 23m including 10m 3.46g/t Au fro
43、m 23m in BSRC1559(White Dam)7.4m 4.54g/t Au from 231.6m including 6.0m 5.51g/t Au in BSRCD1597(Datatine)4m 7.81g/t Au from 76m including 1m 29.70g/t Au from 78m in BSRC1656(Jackson)2.7m 10.73g/t Au from 180.2m including 0.4m 63 g/t Au in BSRCD1596(Datatine)4.8m 5.45g/t Au from 49.17m including 3.5m
44、7.48g/t Au from 49.4m in BSDD048(Jackson)6m 4.00g/t Au from 252m including 4m 5.88g/t Au from 252m in BSRC1530(Jinkas)18m 1.20g/t Au from 105m including 10m 1.69g/t Au from 108m in BSRC1488(Jinkas)15m 1.43g/t Au from 9m including 4m 3.96g/t Au from 17m in BSRC1588(Jackson)Review Of Operations contin
45、ued9Figure 3 Katanning Gold Project Resource growth and drilling metres11Refer to ASX Announcements released 19/12/2012,21/10/2015,3/8/2017,26/11/2018,1/11/2019,7/12/2021,25/05/2022,04/09/2023Figure 4 Long section of view of the KGP Resource,view towards westReview Of Operations continued10Figure 5
46、Plan view of the KGP showing the September 2023 Resource block modelReview Of Operations continued11Figure 6 Cross-section through the Jackson White Dam Jinkas Resources(A-A Figures 4-5)Figure 7 Cross-section through Jinkas(B-B Figures 4-5)Review Of Operations continued12Figure 8 Cross-section throu
47、gh Jackson(C-C Figures 4-5)Figure 9 Cross-section through Lukin(D-D Figure 4-5)Review Of Operations continued13Definitive Feasibility StudyAusgold commenced the Definitive Feasibility Study(“DFS”)on the Katanning Gold Project during the reporting period.The DFS builds on the Pre-Feasibility Study(“P
48、FS”)and maiden 1.28Moz Ore Reserve announced on 1 August 2022,which highlighted the KGP as the largest undeveloped free milling open-cut gold mining development project in Western Australia.Lead Engineer,GR Engineering Services Limited is fully engaged on the DFS with key tasks completed and upcomin
49、g workstreams being undertaken as part of the DFS summarised below:Open Pit MiningOpen pit mining optimisation studies and strategic analysis of the updated 3.04Moz Mineral Resource provided an updated open pit mining inventory and mining schedules.Cube Consulting is undertaking a strategic analysis
50、 of mining and processing schedules.Open pit,waste and haul road designs are significantly progressed.Pit Geotechnical AssessmentThe geotechnical assessment for open pit mining was completed during the reporting period.112 shallow geotechnical test pits were excavated to characterise soil and geotec
51、hnical stability around the proposed sites for infrastructure.Further geotechnical diamond drilling to bedrock was scheduled to commence at the start of July,however,this has been deferred to enable additional work on the ultimate tailings storage options as part of the strategic review of the DFS(s
52、ee below).Figure 10 Excavator digging a geotechnical test pit beneath the planned Tailings Storage FacilityMetallurgyMetallurgical test work programs to support the DFS were completed during the reporting period.Process DesignComminution modelling based on recent and earlier comminution data,along w
53、ith throughput and target grind size,was completed.This modelling was undertaken to confirm the crushing and grinding circuits proposed in the PFS and provide an optimised mill arrangement.Trade-off analyses on the comminution circuit configuration and assessment of the flowsheet against new metallu
54、rgical test work results were completed.Plant and infrastructure cost estimates are now being progressed.Tailings Storage Facility and Surface Water ManagementTailings physical and geochemical test work were completed.Tailings Storage Facility(“TSF”)designs have been developed,with test pits for geo
55、technical assessment completed.Concept surface water management features have been developed.HydrogeologyGroundwater exploration drilling for water supply and pit dewatering was completed in Q2 2023.DWIR Part V permitting to enable water extraction progressed during the reporting period.Three water
56、bores and two monitoring bores were drilled during the reporting period under the supervision of SRK Consultants.Pump testing was undertaken during July with hydrogeological modelling to follow.A key aspect of the water strategy for the KGP is to target deep fractured rock saline aquifers in an effo
57、rt to avoid targeting the same water sources that neighbouring farms traditionally utilize for their operations and to provide a sustainable water source for the KGP life of mine.Power SupplyEnergy requirements determined by GR Engineerings plant design have been assessed with potential supply via g
58、rid connection through a capacity study from Western Power.Further study of on-site energy infrastructure is being assessed with studies for both thermal and renewable energy supply.Proposals for on-site power Review Of Operations continued14and LNG supply contracts have been received which will fur
59、ther support the costings that underpin the DFS.Data collection for both wind and solar resources continued throughout the reporting period,with further site investigations planned to determine the site layout.AccommodationAusgold has been in discussion with local councils and businesses to assess t
60、he availability of accommodation in the region.Several potential development sites for accommodation have been identified within Katanning and these sites are being further investigated with concept accommodation designs underway.It is envisaged that these facilities will provide comfortable living
61、spaces,amenities and essential services required by workers from the KGP.Engagement with various stakeholders in the local community and businesses will further refine the potential development locations,construction methodology options and capital investment strategies.Work continued throughout the
62、 reporting period to establish the requirements of workers accommodation for other local businesses and organisations,which will further identify potential development sites and their opportunities.This work will include identification of potential partnerships and government grants applicable to th
63、e proposed development.Project AccessIn 2023,Ausgold entered into binding agreements to acquire two farming properties at the KGP.The two properties cover a combined area of 1,026 hectares.One property,located within Mining Lease 70/488,covers an area of 94 hectares and encompasses the southern exte
64、nt of the Central Zone Resource(including portions of the Jinkas,Jinkas South and Jackson deposits)an area anticipated to be a primary source of ore in the first 18 months of production at the KGP.The second property,located within Exploration Licences 70/2928 and 70/3952,covers an area of 932 hecta
65、res and it is proposed that key mine infrastructure including processing facilities and tailings storage facilities will be located on a part of this property.During the reporting period,Ausgold completed settlement on both properties,with total consideration of$10.76 million paid to the vendors.The
66、 vendors were not related parties of the Company.Further to these acquisitions,Ausgold previously submitted Mining Lease Applications M70/1426 and M70/1427 over these areas to support mining and development infrastructure,with these applications still pending at the end of the reporting period.Plain
67、tIn October 2023,Ausgold lodged Plaint 688801 pursuant to the Mining Act 1978(WA).The purpose of the Plaint is to seek for the Mining Warden to determine the compensation payable by Ausgold to the owners and occupiers of a portion of freehold land at the KGP.Absent an agreement being reached between
68、 the parties,this determination is required before Ausgold may commence,and then continue,mining operations on the relevant private land.Prior to the matter being heard and determined by the Mining Warden,the Parties have been directed to undertake mediation in relation to the Plaint and associated
69、items.The initial mediation is scheduled to occur during September 2024.Ausgold welcomes the opportunity to discuss,and potentially resolve,the Plaint and associated matters with the affected private landowners and occupiers.Approvals updateTenureDuring the reporting period,Ausgold submitted Mining
70、Lease Applications M70/1426 and M70/1427 over the KGP to support development infrastructure.Environmental StudiesSpring flora and fauna surveys over the Project area and other baseline biological surveys including subterranean fauna surveys have been completed which will contribute to the Environmen
71、tal Impact Assessment.Finalisation of seasonal flora and fauna reports are being incorporated into the Assessment on Referral Information(“ARI”)to be submitted to the Environmental Protection Agency(“EPA”).Coordination of reporting and preparation of the ARI is being completed by Talis Consultants.T
72、he mine waste characterisation study has been completed in addition to the preliminary noise and visual impact assessments.Baseline soil characterisation assessments over areas of proposed disturbance commenced(Figure 11)and are nearing completion.Community and Stakeholder EngagementThe Company main
73、tains an active community consultation program as part of the Social&Economic Impact Assessment(“SEIA”)for the KGP.Ausgold has joined the Katanning Regional Business Group to promote stakeholder engagement and identify local businesses that may be involved in the project development and operations.A
74、usgold intends to build upon this survey to substantiate the stakeholder engagement program,which will form part of the approvals process.Ausgold is in the process of securing an office in Katanning to serve as a focal point for engagement and communication with local stakeholders.This“Shop Front”is
75、 intended to act as Ausgolds window to the community and to provide resources to assist community members to better understand what is proposed for the KGP.It is intended that the Company will host regular drop-in sessions to inform interested parties about the opportunities for employment,supply of
76、 services and community engagement as the project develops.Figure 11 Soil characterisation test work being undertaken over areas of proposed disturbanceReview Of Operations continued15Strategic Review Of Definitive Feasibility StudyFollowing the restructure of the Ausgold Board announced in May 2024
77、,the Company has initiated a strategic review of the KGP development plan overseen by the new board members,who bring a wealth of mine development and operational expertise.As a result,an enhanced DFS is now scheduled for completion in H1 CY2025.Key areas for review for the DFS include:Processing Th
78、roughputFollowing the Scoping Study published by the Company on 22 May 2023,the DFS has,to date,been focused on a design processing throughput of 5 million tonnes per annum(“Mtpa”).As part of the DFS Review,the Company is assessing a processing plant design with an initial throughput rate of approxi
79、mately 3.6Mtpa,with a subsequent expansion to throughput of between 5.0-5.5Mtpa.The intention of this approach is to reduce the upfront pre-production capital in order to maximise the benefits from the significantly higher mill feed grades in the first six years.With the anticipated moderation in mi
80、ll feed grades in later years,the plant expansion(intended to be funded by operating cashflow)would drive unit costs down while maintaining an attractive life-of-mine production profile.Such an approach also provides Ausgold with additional time to pursue exploration around the existing project with
81、 the aim of increasing and prolonging the high-grade feed period.Process Design Criteria and Recovery ImprovementsThe review of throughput rates has allowed the opportunity to consider whether any changes to the plant design criteria are warranted,particularly related to the potential for improved r
82、ecovery of gold.Projected gold recoveries of around 90%over the life of mine,as outlined in the Scoping Study of May 2023,have provided for a robust project.There is potential,however,for incremental improvements at the higher head grade“front end”of the project,which may add significant value and w
83、arrant an additional trade-off benefits study.Tailings FacilityThe DFS Tailings Storage Facility(“TSF”)was originally envisaged as a conventional tailings impoundment facility.Given the lack of suitable topography for a valley fill impoundment,the intention has been to use mine waste as engineered e
84、mbankments to provide containment using downstream construction methods.While this may ultimately be the solution chosen,the Company has initiated a review of the available options to ascertain whether there may be a superior approach.As part of this initiative,the Company has requested proposals fr
85、om leading consulting companies with experience in designing alternative facilities using co-disposal and high density or dry stack tailings in an approach integrating the management of mine waste and tailings and associated water management infrastructure.Initial capital cost,operating costs,water
86、management advantages,footprint area and visual impact are key criteria for consideration in this assessment of project design options.Site LayoutThe KGP is located in the south-west of Western Australia within an important agricultural region.While the recently acquired freehold farming properties
87、have greatly expanded the area available for the Projects development,Ausgold is mindful of the need to minimise its footprint to preserve as much valuable farming land as possible.To this end,the Company is assessing the proposed layout and location of critical infrastructure and designs to minimis
88、e the area required for tailings and waste rock storage facilities.Grade Control Drilling As part of the ongoing DFS scope of work,an in-fill and resource definition drilling program is to be undertaken on an area of the Jinkas South Resource which hosts the first 18 months of anticipated ore produc
89、tion from the KGP.The program has been designed to further de-risk early mine schedule to enable a smooth startup of the KGPs initial operations and plant commissioning.In addition,given the geometry of high-grade ore shoots at the KGP,closer spaced drilling has historically yielded improved grade e
90、stimations.This drilling is currently scheduled to commence during the upcoming summer drilling season.As a result of this review,the DFS is now scheduled to be completed in the first half of CY2025.KGP Regional ExplorationAusgold holds approximately 5,500km2 of exploration tenure with over 2,500km2
91、 of prospective greenstones in the South-West of WA.These are some of the least explored greenstones within the Yilgarn,with many of these newly identified targets having highly encouraging results from surface sampling which will be drill tested in the up-coming exploration program.The Katanning Re
92、gional Project straddles a major crustal boundary,marked by the recently defined Corrigin Tectonic Zone which separates the South-West and Youanmi Terranes(Figure 1).Within Ausgolds exploration tenure there at three major NNW-striking crustal-scale fault zones from west to east:these are the Terrane
93、 Boundary,the Stanley Thrust and the Yandina Thrust system.More recent work has highlighted major ENE-striking structures which provide a major control on the localisation of gold mineralisation highlighted by the Stanley high grade gold mineralisation at the Datatine,Stanley and Duggan prospects.Sy
94、stematic evaluation of multiple exploration datasets across the Companys tenure has identified areas of higher prospectivity using a Mineral Systems Approach.This approach assesses gold prospectivity by identifying the geological components of an orebody or mineral system(namely the source,pathway,f
95、ocus and trap sites).Where multiple mineral components overlap it is regarded as a priority area for further exploration.Based on this new prospectivity mapping Ausgold has identified 13 new high-priority gold targets,presented in detail within the December 2023 Quarterly Report(31st January 2024).T
96、hese targets are prioritised as they have characteristics that suggest the potential to host large(500Koz)gold deposits based on the Companys exploration model.Review Of Operations continued16REGIONAL GEOCHEMICAL SAMPLING PROGRAMSDuring 2024 Ausgold conducted geological mapping and auger soil sampli
97、ng across the Companys regional tenure.The focus of the mapping has been to identify the key components of the Mineral System,namely the extent of the Katanning Greenstone Belt and to identifying pathways and trap sites for gold mineralisation.During this program over 1,961 auger drilling samples we
98、re collected which have been used to prioritise several key areas for future exploration programs(Figure 12).Results from the recent sampling campaign include:Mine Hill:auger sampling at Mine Hill identified a significant gold anomaly(10ppb Au)coincident with a regionally significant,fold structure
99、regarded as a highly prospective potential trap sites for gold mineralisation.Further auger drilling sampling is to be conducted during the Mine Hill and Red Hill trend.Gundaring:auger sampling identified two NW-striking mineralised structures(10ppb Au)extending over a strike length of 1km.An in-fil
100、l program is planned to assist in the development of drill targets.Stanley Gold Project:auger sampling at Moulyinning(the northern strike extension of mineralised greenstones)identified two NW-striking 10ppb gold anomalies.Kulin:Extending over 90 km along the northern Yandina Shear the first phase o
101、f 428 auger geochemical samples will be used to target gold mineralisation.DRILLINGDuring the June 2024 Quarter,Ausgold completed a 1,012m Reverse Circulation(“RC”)drill program along the highly prospective Stanley Trend.The focus was to test the potential for shallow,high-grade gold mineralisation
102、identified previously at the Nanicup Bridge and Duggan prospects,located approximately 40km east of the KGP(Figure 13).The Stanley Trend is a regionally significant structure extending over a strike length of 130km and is wholly located within Ausgolds tenure.Previous exploration has delineated a co
103、herent gold-in-soil anomaly(10ppb)extending along its strike length(Figures 13 and 14).The Duggan and Nanicup Bridge prospects are advanced targets which,based on recent interpretations by the Companys geology team,have the potential to support resource delineation drilling.Project Expansion-Kulin P
104、rojectAusgold has expanded its tenement holdings of prospective greenstone along 90km of the northern strike extension of the Yandina Thrust system approximately 70km from the KGP(Figure 12).The Yandina trend hosts several significant gold deposits including Griffins Find and Tampia.Ausgold complete
105、d a first phase of auger sampling during the June 2024 Quarter with results(pending)to be used to better understand gold targeting opportunities in the project.LithiumDuring the year,Ausgold identified 11 high-priority lithium targets within the tenement package,with land access successfully progres
106、sed over most of the targets.Targets were developed using a Mineral System approach integrating an extensive geochemical database of new and historical sampling.The targets are prioritised using geochemical and mineralogical fertility indicators.Figure 12 Regional gold exploration targets within Aus
107、golds 5,500km2 tenure with auger samples collected during FY2024Review Of Operations continued17Regional Projects OverviewYandina Thrust Trend Western Australia(AUC 100%)The Yandina Thrust is located 85km east of the KGP and is a major crustal-scale structure with a NNW strike and extends for severa
108、l hundred kilometres within the Youanmi Terrane.The Yandina Thrust is considered a major pathway for mineralising fluids as evidenced by numerous gold deposits including Tampia and Griffins Find located on the Yandina Thrust,as well as broad gold-in-soil anomalism(10ppb)(Figure 13).Past exploration
109、over the Yandina Thrust Trend is limited to surface sampling and shallow drill programs,notably at Lake Magenta,with limited RC drill holes testing into fresh rock gold anomalism(Figure 13).The thick transported cover(up to 10m deep)limits the effectiveness of surface sampling,with existing low-leve
110、l gold anomalies requiring validation with drilling.Ausgold has used the limited available historical AC and RAB drilling,together with surface mapping and geophysical datasets,to develop a preliminary geological map(Figure 13)to aid targeting.Both the Holland Rock and HR3 prospects exhibit:Substant
111、ial(10km strike length)10ppb gold-in-soil anomalism which remains mainly untested,with zones of 50ppb gold-in-soil;Orthogneiss units proximal to the Yandina Thrust,host to significant gold mineralisation elsewhere in the region;and Major ENE to NE-striking cross faults intersecting the Yandina Thrus
112、t,potentially acting as structural traps for a gold system.Figure 13 New detailed geological map of the Yandina Thrust Trend,over the 100km portion held by AusgoldReview Of Operations continued18Woodanilling ProjectWESTERN AUSTRALIA(AUC 100%)The 100%-owned Woodanilling Project(1,300km)is located 15k
113、m west of the KGP and is situated within the South-West Terrane,west of the terrane boundary(Figures 1 and 14).The Woodanilling Project is comprised of greenstones that are intersected by major shears zones.The area has a large layered archaean mafic intrusion(Figure 14).As well as prospectivity for
114、 gold mineralisation,past exploration drilling has identified vanadium(V2O5)mineralisation at Red Hill and Mine Hill Woodanilling identified in drilling.The enriched portions of the deposit coincide with vanadium in soil(0.1%V2O5)anomalism.Significant intercepts of vanadium at the Woodanilling Proje
115、ct include1:56m 0.44%V2O5 from 0m in 12KTR096 20m 0.65%V2O5 from 6m in 08KTR075 16m 0.56%V2O5 from 41m in 10KTD001 11m 0.69%V2O5 from 84m in 12KTR104 4m 1.07%V2O5 from 61m in 08KTR0131See ASX announcements 13th of December 2018 and 9th of April 2021Figure 14 Updated geological map of the Woodanillin
116、g Project and its prospects,including drill targets for CY2024Review Of Operations continued19Kojonup ProjectWESTERN AUSTRALIA(AUC 100%)The 100%-owned Kojonup Project comprises four exploration tenements covering a total area of 475km2(Figure 12).The tenements cover north-west striking greenstone wh
117、ich is bound by major northwest-trending faults,including the Darkan Fault which extends 80km northward to the Boddington Gold Mine.The northwest striking faults have broad zones of coincident gold and multi-element geochemical anomalism.In addition to gold mineralisation,lithium exploration at the
118、Kojonup Projects based on the geological setting and location 60km east of the world-class Greenbushes Lithium Mine.Stanley Project Joint VentureWESTERN AUSTRALIA(AUC 51%)The Stanley Gold Project is located approximately midway along the Stanley Thrust(Figure 15)and is approximately 25km north-east
119、of the KGP.The Stanley Gold Project includes E70/5131 and E70/4787 which form the Cygnus Metals Limited Joint Venture(Cygnus JV,Figure 15).Under the agreement,Ausgold can earn an 85%interest in the project by spending$750,000 over three years.During FY2024,Ausgold successfully met the requirements t
120、o earn an initial 51%interest in the Stanley Gold Project.Expenditure of a further$250,000 in the final 12-month period will earn an interest of 85%in the project(to April 2025).See ASX announcement 13th April 2022 for further information.The greenstone contains mafic to felsic volcanic(ortho)gneiss
121、 and meta-sedimentary(para)gneiss(Figure 20).Recent mapping and drill campaigns have demonstrated the highest-grade gold mineralisation is hosted within mafic orthogneiss units with gold grades increasing at fold hinges which provide a key targeting criteria for future RC drilling programs.Drilling
122、at the Stanley Gold Project by previous explorers is largely restricted to the Bottleneck Prospect(Figures 15 and 16),where significant gold intercepts include(see ASX announcement 13th of April 2022):8.5m 33.00g/t Au from 37.7m inc 2.4m 114.62g/t Au in BNDD001 8.6m 19.27g/t Au from 24.7m inc 5.7m 2
123、8.60g/t Au in BNDD003 7m 12.56 g/t from 21m in 09KUAC164 16m 4.99 g/t from 30m in 09KUAC009 9m 6.87 g/t from 24m in 09KUAC012 27m 2.26 g/t from 21m in 09KUAC008 15m 3.96 g/t from 24m in 08KUAC075 9m 5.01 g/t from 22m in 09KUAC158Review Of Operations continued20Figure 15 Stanley Thrust gold trend cov
124、ering 130km strike lengthReview Of Operations continued21Figure 16 Geological cross-section(looking North)at the Bottleneck prospect within the Stanley Gold ProjectDoolgunna StationWESTERN AUSTRALIA(AUC 100%)The Doolgunna Station Project,located 150km north-east of Meekatharra in Western Australias
125、Bryah Basin,comprises E52/3031 covering 176km2 and is located approximately 13km to the west and along trend from Sandfire Resources DeGrussa copper-gold operations of.Geological mapping was undertaken on this project during the year.Ausgold is actively seeking a joint partner to fund future explora
126、tion.YamarnaWESTERN AUSTRALIA(AUC 100%)The Yamarna Project is the subject of a Joint Venture Agreement with Cosmo Metals Limited(ASX:CMO)(“Cosmo”)in which Ausgold has retained a 25%free-carried interest until a decision to mine.The Yamarna Project includes the highly prospective Winchester nickel-co
127、pper prospect,located 125km northeast of Laverton in the Goldfields-Esperance region of Western Australia.The Project,which is located 40km north along strike from Cosmos Mt Venn Project,comprises exploration licence E38/2129 located in the northern Mt Venn Greenstone Belt.Subsequent to financial ye
128、ar end Cosmo withdrew from the joint venture and returned 100%interest in the project to the Company.CracowQUEENSLAND(AUC 100%)Ausgold holds exploration licence EPM 17054 covering approximately 202km2 in the Cracow region,375km north-west of Brisbane,Queensland.The tenement covers extensive areas of
129、 the Camboon volcanics which host the multi-million-ounce Cracow epithermal gold deposit.Geological mapping and surface sampling was undertaken on this project during the year.Subsequent to year end,Ausgold dropped the Cracow tenement.Review Of Operations continued22Competent Persons StatementsThe i
130、nformation in this report that relates to the Mineral Resource estimates is based on work carried out by Dr Michael Cunningham of Sonny Consulting Services Pty Ltd,Mr Daniel Guibal of Condor Geostats Services and Dr Matthew Greentree of Ausgold Limited in 2021 and 2022.The information in this report
131、 that relates to the Ore Reserve estimates is based on work carried out by Mr Andrew Hutson of Resolve Mining Solutions in 2022 and 2023.Dr Greentree is Managing Director and a shareholder in Ausgold Limited.Dr Greentree takes responsibility for the integrity of the Exploration Results,including sam
132、pling,assaying,QA/QC,the preparation of the geological interpretations,and Exploration Targets.Dr Michael Cunningham takes responsibility for the Mineral Resource estimates for the Jackson,Olympia,Dingo and Datatine deposits.Mr Daniel Guibal takes responsibility for the Mineral Resource estimates fo
133、r the Jinkas and White Dam deposits.Dr Cunningham and Dr Greentree are Members of the Australasian Institute of Mining and Metallurgy and have sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration,and to the activity they are undertaking,to qua
134、lify as Competent Persons in terms of the Australasian Code for Reporting of Exploration Results,Mineral Resources and Ore Reserves(JORC Code,2012 edition).Mr Hutson and Mr Guibal are Fellows of the Australasian Institute of Mining and Metallurgy and has sufficient experience that is relevant to the
135、 style of mineralisation and type of deposit under consideration,and to the activity they are undertaking,to qualify as Competent Persons in terms of the Australasian Code for Reporting of Exploration Results,Mineral Resources and Ore Reserves(JORC Code,2012 edition).The Competent Persons consent to
136、 the inclusion of such information in this report in the form and context in which it appears.Forward-Looking StatementsThis report includes forward-looking statements as that term is understood the meaning of securities laws of applicable jurisdictions.Forward-looking statements involve known and u
137、nknown risks,uncertainties and other factors that are in some cases beyond Ausgold Limiteds control.These forward-looking statements include,but are not limited to,all statements other than statements of historical facts contained in this presentation,including,without limitation,those regarding Aus
138、gold Limiteds future expectations.Readers can identify forward-looking statements by terminology such as aim,anticipate,assume,believe,continue,could,estimate,expect,forecast,intend,may,plan,potential,predict,project,risk,should,will or would and other similar expressions.Risks,uncertainties and oth
139、er factors may cause Ausgold Limiteds actual results,performance,production or achievements to differ materially from those expressed or implied by the forward-looking statements(and from past results,performance or achievements).These factors include,but are not limited to,the failure to obtain acc
140、ess to land required for development of the KGP,failure to complete and commission the mine facilities,processing plant and related infrastructure in the timeframe and within estimated costs currently planned;variations in global demand and price for commodities;fluctuations in exchange rates betwee
141、n the US dollar and the Australian dollar;the failure of Ausgold Limiteds suppliers,service providers and partners to fulfil their obligations under construction,supply and other agreements;unforeseen geological,physical or meteorological conditions,natural disasters or cyclones;changes in the regul
142、atory environment,industrial disputes,labour shortages,political and other factors;the inability to obtain additional financing,if required,on commercially suitable terms;and global and regional economic conditions.Readers are cautioned not to place undue reliance on forward-looking statements.The i
143、nformation concerning possible production in this report is not intended to be a forecast,but relates to internally generated goals set by the Board of Directors of Ausgold Limited.Ausgolds ability to achieve any targets will be largely determined by its ability to secure adequate funding,implement
144、mining plans,resolve logistical issues associated with mining and enter into any necessary offtake arrangements with reputable third parties.Although Ausgold Limited believes that the expectations reflected in these forward-looking statements are reasonable,such statements involve risks and uncertai
145、nties,and no assurance can be given that actual results will be consistent with these forward-looking statements.Currency And Cost AssumptionsAll financial amounts in this report are expressed as Australian Dollars unless otherwise indicated.Costs have been estimated in Q1 2023 Australian Dollars an
146、d are not escalated or inflated.Cashflow discounting begins after construction and during the ramp-up period.23ESG ValuesAdvancing the Katanning Gold Project demands a combination of technical studies,dialogue with stakeholders,and informed decisions by Ausgold in line with our core values.Ausgold i
147、s committed to producing gold in a socially and environmentally responsible manner.Our vision is to unlock the resources potential of the Great Southern Region of Western Australia in a way that delivers positive social,environmental and economic outcomes for our stakeholders.This vision and commitm
148、ent is reinforced by our core values:Integrity:Ausgold is dedicated to conducting its activities in a manner that is transparent and ethical.We will set,measure,report on and review objectives and targets that will drive continuous improvement in environmental,social and governance performance.Peopl
149、e:Ausgold embraces a safe and respectful culture that empowers our workforce to deliver excellence.Community:Ausgold strives to provide accurate,purposeful,timely and transparent communication to its communities of interest,and to support initiatives that benefit local communities.Innovation:Ausgold
150、 actively seeks opportunities to continuously improve our environmental,social and governance performance,including through the implementation of new technologies and processes.Corporate GovernanceThe appointment of Executive Chairman John Dorward and Non-Executive Director Adrian Goldstone in May 2
151、024 and Non-Executive Director Mark Turner in April 2024,demonstrates Ausgolds commitment to strengthening environmental,social and operational governance.Risk and issues management continued throughout the reporting period to progress design and feasibility work and address matters raised by commun
152、ity in consultation during the previous reporting period.The appointment of Senior Executive,Troy Collie,as Manager Environment and Approvals,supplements the Board appointments.The Board restructure and an accompanying focus on financing and investment activities led to a necessary delay to the sche
153、dule for completion of some technical studies,including the social impact assessment.Stakeholder EngagementStakeholder engagement activities focused on investors,local government representatives and businesses,and Traditional Owners.The engagement occurred in person,through representatives,and virtu
154、ally,to support the following ESG objectives:Meeting expectations of institutional investors on ESG performance Deepening engagement with Wagyl Kaip Southern Noongar Traditional Owners,as part of Ausgolds commitment to lawful,respectful and mutually beneficial outcomes from the development and opera
155、tion of the Katanning Gold Project Canvassing challenges and opportunities with decision-makers representing Katanning community stakeholders.,including on priority issues such as economic development,employment,workforce management and housing.Stakeholder AccountabilityWe have maintained channels f
156、or community queries and feedback,including a system to record contact with stakeholders and setting response time limits.Project updates were published through select social media channels,however,fewer communications were issued across electronic and digital channels compared to the previous repor
157、ting period.Community members,media representatives and investors can access dedicated email and mobile channels and project information and updates at the Community webpage on Ausgolds website.Next Steps Environmental and social technical studies remain essential to project permitting and regulator
158、y submissions.Further,they are integral to progressing Ausgolds ESG roadmap.Adjustments to the social and economic impact assessment program of work will enable better coordinated completion of technical studies with consideration of community input to date,potential impacts,and ways to mitigate imp
159、acts or optimise benefits.We will continue consultation with the Wagyl Kaip Traditional Owners and local Southern Noongar and Aboriginal knowledge holders to develop a comprehensive Cultural Heritage Management Plan.Clarity on the project timeline and project milestones,including regulatory submissi
160、ons and the Definitive Feasibility Study by H1 CY2025,will enable Ausgold to share more information through community engagement channels and in person.Environment,Social and Governance(ESG)ESG-Annual Report24Directors ReportThe Directors present their report together with the financial statements,o
161、n the consolidated entity consisting of Ausgold Limited and the entities it controlled for the year ended 30 June 2024.Ausgold Limited(“Ausgold”or“the Company”)and its controlled entities(collectively known as“the Group”or“consolidated entity”)are domiciled in Australia.Principal ActivitiesThe conso
162、lidated entitys principal activities during the financial year were the exploration for gold and other precious metals.DirectorsThe names and details of the Companys Directors in office during or since the end of the financial year are:Name:Mr John DorwardTitle:Executive ChairmanQualifications:BCom(
163、Hons),GradDip Applied Finance&Investment,GradDip Chartered Secretaries Australia,CFAExperience and Expertise:Mr Dorward was appointed Executive Chairman of Ausgold Limited on 16 May 2024.Mr Dorward is an experience international finance and resources executive.Mr Dorward was the President,CEO and Di
164、rector of Roxgold Inc.,a Toronto-headquartered company listed on TSX(ROXG)and OTCQX(ROGFF).He led the Roxgold team through the construction of the underground Yaramoko Gold Mine in Burkina Faso,achieving production in less than four years after the delivery of a maiden Inferred Resource.During his t
165、enure,Roxgold also secured the high-grade Seguela Project in Cote DIvoire from Newcrest Mining Limited.Mr Dorwards earlier roles include Vice President of Business Development at Fronteer Gold,a TSX and AMEX-listed mining company with gold and uranium projects in USA,Canada and Turkey.He played a ke
166、y role in negotiating its acquisition by Newmont for US$2.3 billion.Previously,he held senior roles at Australian mining companies Leviathan Resources Limited and MPI Mines Limited,and worked as Manager Project Finance at Bankwest in Perth and Melbourne.Other current directorships:Robex Resources In
167、cSurge Copper IncTaura Gold IncFormer directorships (last 3 years)Contact Gold Inc(resigned 29 April 2024)Vital Metals Limited(resigned 21 March 2023)Special responsibilities:Member of Audit and Risk CommitteeMember of Remuneration and Nominations CommitteeInterests in shares:Ordinary Shares 3,333,3
168、34Interests in options:833,334 options expiring 30 May 2027Interests in rights:Performance Rights 3,000,000Directors Report25Name:Dr Matthew GreentreeTitle:Managing Director&Chief Executive OfficerQualifications:PhD,BSc Geology(Hons),MAusIMM,MAIG,MAICDExperience and Expertise:Geologist with over 20
169、years experience in mineral exploration across Australia and overseas.Providing a technical focus on the Groups operations and able to draw on experience from working on more than 60 mineral projects.Dr Greentree was appointed an Executive Director since 19 April 2018.Other current directorships:Non
170、eFormer directorships (last 3 years)NoneSpecial responsibilities:NoneInterests in shares:Ordinary Shares 2,600,000Interests in options:NoneInterests in rights:Performance Rights 1,320,000Name:Mr Adrian GoldstoneTitle:Non-Executive DirectorQualifications:MSc(hons)Experience and Expertise:Mr Goldstone
171、 is a highly credentialed Company Director with significant international minerals industry experience in project development,operations,and investment management,with a strong focus on environmental and social sustainability and corporate governance.Mr Goldstone is currently the Managing Director T
172、echnical of Dundee Corporation,a substantial shareholder in Ausgold.Although not appointed by Dundee Goodman,for governance purposes he will be considered a Nominee Director.Prior to his current role,Mr.Goldstone held executive positions in project development,processing operations,and sustainable d
173、evelopment.He was the Executive Vice President of Sustainable Development for Dundee Precious Metals,overseeing the corporations projects,development,smelter,and ESG functions.He has been responsible for bringing key green-field,expansion,and upgrade projects to fruition,successfully navigating gove
174、rnment,social,and technical challenges.Before this,he was the principal and Managing Director of a mining industry and environmental consultancy,which was later acquired by a multinational consultancy.In this role,he worked across Australia,Africa,Asia,and the Americas,leading the development and ex
175、ecution of business and technical solutions for multiple clients in minerals development projects and operations.Earlier in his career,he held several senior operational and corporate roles for Cyprus Minerals and Amax Gold companies.Additionally,he has been a managing partner in a boutique private
176、equity business and has held,or currently holds,various other private and public directorships.Mr Goldstone was appointed a Non-Executive Director on 16 May 2024.Other current directorships:Saturn Metals LtdViva Gold CorpFormer directorships (last 3 years)Zinc of Ireland NL(resigned 30 November 2021
177、)Big River Gold Limited(resigned 21 September 2022)Special responsibilities:Chairman of Audit and Risk CommitteeMember of the Remuneration and Nominations CommitteeInterests in shares:Ordinary Shares 30,000Interests in options:NoneInterests in rights:Performance Rights 1,500,000Directors Report cont
178、inued26Name:Mr Mark TurnerTitle:Non-Executive DirectorQualifications:BEng Mining(Hons),FAusIMMExperience and Expertise:Mr Turner is a Mining Engineer with over 35 years of experience in the gold mining sector,responsible for the development and operation of numerous mines in Australia,Africa,and Asi
179、a.Mr Turner commenced his career with Newcrest Mining Limited as a mining engineer before moving to Resolute Limited in 1992,where he served as Operations Manager for the Marymia Gold Project and later the Chalice Gold Project,which he progressed from feasibility to production.Mark served as General
180、 Manager Operations for Resolute for 10 years,during which Resolute had producing mines in both Australia and Africa.In 2008,Mr.Turner was appointed Chief Operating Officer of CGA Mining,where he took the Masbate Gold Project in the Philippines from construction to production before its takeover by
181、B2 Gold Corporation for C$1.1 billion.Mark is currently the Chief Operating Officer of RTG Mining Inc.Mr Turner was appointed a Non-Executive Director on 16 April 2024.Other current directorships:NoneFormer directorships (last 3 years)NoneSpecial responsibilities:Chairman of Remuneration and Nominat
182、ions CommitteeMember of Audit and Risk CommitteeInterests in shares:NoneInterests in options:NoneInterests in rights:Performance Rights 1,500,000Name:Mr Geoffrey JonesTitle:Non-Executive ChairmanQualifications:BE(Civil),FIEAust,CPEngExperience and Expertise:Mr Jones is a civil engineer with over 30
183、years experience in construction,engineering,mineral processing and project development in Australia and overseas.Mr Jones was appointed Non-Executive Director on 29 July 2016,and was appointed Non-Executive Chairman on 27 February 2023.Mr Jones resigned as Non-Executive Chairman on 23 October 2023.
184、Interests in shares:1,425,000Interests in options:NoneInterests in rights:NoneName:Mr Richard LockwoodTitle:Non-Executive Director and Interim Non-Executive ChairmanQualifications:NoneExperience and Expertise:Mr Lockwood is an investment professional with over 40 years experience in mining,funds man
185、agement and resource investment.Mr Lockwood was Non-Executive Chairman from 2 September 2012 till 27 February 2023,when he stepped down and became Non-Executive Director.With the resignation of Mr Geoff Jones on 23 October 2023,Richard stood in as the interim Non-Executive Chairman.Mr Lockwood resig
186、ned as Non-Executive Director on 17 May 2024.Interests in shares:6,800,000Interests in options:NoneInterests in rights:500,000Directors Report continued27Name:Mr Denis RakichTitle:Company SecretaryQualifications:BBusExperience and Expertise:Mr Rakich is an accountant with 35 years experience in the
187、resource sector,legal,financial and corporate management.Mr Rakich was appointed as an Executive Director and Company Secretary on 31 January 2013.Mr Rakich resigned as Executive Director on 17 May 2024,but remains as Company Secretary of Ausgold Limited.Interests in shares:3,003,691Interests in opt
188、ions:2,000,000Interests in rights:900,000Directors MeetingsThe number of meetings of the Board of Directors held during the financial year ended 30 June 2024 and the number attended by each director are as follows:Board of DirectorsNominations and Remuneration CommitteeAudit and Risk CommitteeDirect
189、orHeldAttendedHeldAttendedHeldAttendedJ Dorward62-M Greentree66-A Goldstone62-M Turner63-R Lockwood64-11D Rakich64-11G Jones62-11DividendsNo dividends have been declared or paid since the end of the previous financial year.Significant Changes In The State Of AffairsThere were no significant changes
190、in the state of affairs of the consolidated entity during the financial year.Likely Developments And Expected Results Of OperationsThe Companys objective is to continue to explore for gold at the Katanning Gold Project(“KGP”)in Western Australia,with a view to increasing the overall size of the geol
191、ogical resource and to continue with feasibility studies for the future development of the project,whilst at the same time exploring for gold and other metals in other parts of Australia.Environmental RegulationsThe Groups exploration activities are governed by a range of environmental legislation.T
192、o the best of the Directors knowledge,the Group has adequate systems in place to ensure compliance with the requirements of the applicable environmental legislation and is not aware of any material breach of those requirements during the financial year up to the date of this report.Material Business
193、 RisksThe Group considers the following to be key material business risks:Additional requirements for capitalThe Companys capital requirements depend on numerous factors.Any additional equity financing will dilute shareholdings,and debt financing,if available,may involve restrictions on financing an
194、d operating activities.If the Company is unable to obtain additional financing as needed,it may be required to reduce the scope of its operations and scale back its exploration programmes as the case may be.There is however no guarantee that the Company will be able to secure any additional funding
195、or be able to secure funding on terms favourable to the Company.Directors Report continued28Risk of failure in exploration,development or productionPayment of compensation is ordinarily necessary to acquire participating interests.Also,surveying and exploratory drilling expenses(exploration expenses
196、)become necessary at the time of exploration activities for the purpose of discovering resources.When resources are discovered,it is necessary to further invest in substantial development expenses.There is,however,no guarantee of discovering resources on a scale that makes development and production
197、 feasible.The probability of such discoveries is consistently low despite various technological advances in recent years,and even when resources are discovered the scale of resource does not necessarily make commercial production feasible.For this reason,the Group conservatively recognizes expenses
198、related to exploration investment in our consolidated financial statements.To increase recoverable resources,the Group plans to always take an interest in promising properties and plans to continue exploration investment.Although exploration and development(including the acquisition of interests)are
199、 necessary to secure the resources essential to the Groups future sustainable business development,each type of investment involves technological and economic risks,and failed exploration or development could have an adverse effect on the results of the Groups operations.Land AccessDevelopment of th
200、e KGP requires the Company to obtain access to land that it does not currently own or control.Although the Company has made strong progress in acquiring freehold land in support of the KGP development,and is actively engaged in processes which the Company believes will enable it to secure access to
201、the land it requires to develop the KGP,there is no certainty that the Company will be able to secure access on reasonable terms,or at all,to all the land that it needs to develop the KGP.EnvironmentalThe operations and proposed activities of the Company are subject to laws and regulations concernin
202、g the environment.As with most exploration projects and mining operations,the Companys activities are expected to have an impact on the environment,particularly,if advanced exploration or mine development proceeds.It is the Companys intention to conduct its activities to the highest standard of envi
203、ronmental obligation,including compliance with all environmental laws.Mining operations have inherent risks and liabilities associated with safety and damage to the environment and the disposal of waste products occurring as a result of mineral exploration and production.The occurrence of any such s
204、afety or environmental incident could delay production or increase production costs.Events,such as unpredictable rainfall or bushfires may impact on the Companys ongoing compliance with environmental legislation,regulations and licences.Significant liabilities could be imposed on the Company for dam
205、ages,clean-up costs or penalties in the event of certain discharges into the environment,environmental damage caused by previous operations or non-compliance with environmental laws or regulations.The disposal of mining and process waste and mine water discharge are under constant legislative scruti
206、ny and regulation.There is a risk that environmental laws and regulations become more onerous making the Companys operations more expensive.Climate riskThere are a number of climate-related factors that may affect the operations and proposed activities of the Company.The climate change risks particu
207、larly attributable to the Company include:a)the emergence of new or expanded regulations associated with the transitioning to a lower-carbon economy and market changes related to climate change mitigation.The Company may be impacted by changes to local or international compliance regulations related
208、 to climate change mitigation efforts,or by specific taxation or penalties for carbon emissions or environmental damage.These examples are amongst an array of possible restraints on industry that may further impact the Company and its profitability.While the Company will endeavour to manage theses r
209、isks and limit any consequential impacts there can be no guarantee that the Company will not be impacted by these occurrences;andb)climate change may cause certain physical and environmental risks that cannot be predicted by the Company,including events such as increased severity of weather patterns
210、 and incidence of extreme weather events and longer-term physical risks such as shifting climate patterns.All these risks associated with climate change may significantly change the industry in which the Company operates.Review Of OperationsExplorationInformation on the Groups operations at its Kata
211、nning Gold Project and other projects is set out in the Operations Review on pages 5 22 of this report.FinancialThe Group recorded a consolidated loss of$8,344,009(2023:$5,226,957)for the financial year ended 30 June 2024.At 30 June 2024,the Group had$4,997,167(2023:$9,412,384)in cash and cash equiv
212、alents.The Company undertook a one for ten share consolidation on 14 August 2024.All securities listed in this report are quoted on a post-consolidation basis.Directors Report continued29Convertible SecuritiesOptionsTotal options on issue at the date of this reportGrant dateExpiry dateExercise price
213、Opening balanceGrantedExercisedLapsedClosing balance23 Mar 20211 Mar 2024$0.80700,000-(700,000)-19 Mar 20211 Mar 2024$0.80250,000-(250,000)-4 May 20213 May 2024$0.601,600,000-(1,600,000)-5 Jul 202130 Jun 2024$0.60400,000-(400,000)-5 Jul 202130 Jun 2024$0.80300,000-(300,000)-22 Apr 202231 Mar 2025$0.
214、603,500,000-3,500,00027 Feb 202331 Dec 2025$0.8050,000-50,00027 May 202430 May 2027$0.30-10,000,006-10,000,00631 May 20244 Aug 2026$0.40-7,600,000-7,600,00024 Jul 202415 Jul 2027$0.40-2,000,000-2,000,0006,800,00019,600,006-(3,250,000)23,150,006Performance RightsGrant dateExpiry dateExercise PriceOpe
215、ning balanceGrantedExercisedLapsedClosing balance14 Oct 202231 Oct 2024$0.003,220,000-(250,000)2,970,00027 Feb 202331 Dec 2024$0.00300,000-(300,000)-11 Aug 202331 Oct 2025$0.00-800,000-800,00024 Jul 20245 Aug 2027$0.00-6,000,000-6,000,0003,520,0006,800,000-(550,000)9,770,000Events Subsequent To Repo
216、rting DateIn June 2024,Ausgold announced that it has received firm commitments on a 2-tranche institutional placement to raise a total of$38,000,000(before costs),of which Tranche 1 was completed on 14 June 2024,which saw the issue of 46,600,000 shares,raising$13,980,000(before costs).Tranche 2 of t
217、his placement,which see the issue of 80,666,667 shares to raise$24,020,000(before costs)was completed in July 2024.The issue was approved by shareholders at a general meeting held on 24 July 2024.On 24 July 2024,shareholders approved at a general meeting to consolidate the issued capital of the Comp
218、any through the conversion of every ten shares into one share with a corresponding consolidation of all other securities on issue.Factional entitlements will be rounded up to the nearest whole security.The consolidation is anticipated to provide a more effective structure for the Company more in lin
219、e with the Companys size and peer group companies.The consolidation should also result in a more appropriate share price that is attractive to a wider range of investors.On 16 August,2 million performance rights were issued to Ben Stockdale-Chief Financial Officer,appointed on 1 August 2024,as part
220、of his remuneration under the terms of an Executive Employment Agreement.There are no other matter or circumstance has arisen since 30 June 2024 that has significantly affected,or may significantly affect the consolidated entitys operations,the results of those operations,or the consolidated entitys
221、 state of affairs in future financial years.Directors Report continued30Indemnification Of DirectorsIndemnificationThe Company has agreed to indemnify the current Directors and Officers of the Company against all liabilities to another person(other than the company or a related body corporate)that m
222、ay arise from their designated position in the Company,except where the liability arises out of conduct involving a lack of good faith or breach of duty.The agreement stipulates that the Company will meet,to the maximum extent permitted by law,the amount of any such liabilities,including costs and e
223、xpenses.Insurance premiumsThe Company paid a premium during the year in respect of a Director and Officer liability insurance policy,insuring the Directors of the Company,the Company Secretary,and all executives of the Company,against a liability incurred in the capacity to the extent permitted by t
224、he Corporations Act 2001.Indemnity and insurance of auditorThe Company has not,during or since the end of the financial year,indemnified or agreed to indemnify the auditor of the Company or any related entity against a liability incurred by the auditor.During the financial year,the Company has not p
225、aid a premium in respect of a contract to insure the auditor of the Company or any related entity.Proceedings on behalf of the CompanyAs far as the Directors are aware,no person has applied to the Court under section 237 of the Corporations Act 2001 for leave to bring proceedings on behalf of the Co
226、mpany,or to intervene in any proceedings to which the Company is a party,for the purpose of taking responsibility on behalf of the Company for the conduct of all or part of those proceedings.Corporate GovernanceThe 2024 Corporate Governance Statement was published on 18 September 2024 and is availab
227、le on the Companys website at .Non-Audit ServicesDuring the year,no other services were performed by BDO Audit Pty Ltd,the Companys auditor.The Auditors Independence DeclarationThe Auditors Independence Declaration is included on page 38 of the financial report.Remuneration ReportThe Remuneration Re
228、port which has been audited is set out on pages 31 to 37 and forms part of the Directors Report.This report is signed in accordance with a resolution of the Directors.For and behalf of the DirectorsMatthew GreentreeDirectorPerth,Western Australia18 September 202431REMUNERATION REPORTThe Directors pr
229、esent this Remuneration Report prepared in accordance with the requirements of the Corporations Act 2001 on the consolidated entity for the financial year ended 30 June 2024.This Remuneration Report forms part of the Directors Report.Key Management PersonnelKey management personnel are defined as th
230、ose persons having authority and responsibility for planning,directing and controlling the major activities of the consolidated entity,directly or indirectly,including any Director(whether executive or otherwise)of the Company.The key management personnel of Ausgold during the financial year are as
231、follows:John Dorward(Executive Chairman)appointed 16 May 2024 Matthew Greentree(Chief Executive Officer and Managing Director)Adrian Goldstone(Non-Executive Director)appointed 16 May 2024 Mark Turner(Non-Executive Director)appointed 16 April 2024 Denis Rakich(Company Secretary)resigned as a director
232、 17 May 2024 Richard Lockwood(Non-Executive Director/Interim Non-Executive Chairman)resigned 17 May 2024 Geoffrey Jones(Non-Executive Chairman)resigned 23 October 2023OverviewThe Board is responsible for determining and reviewing remuneration agreements for its Directors and executives.The performan
233、ce of the consolidated entity depends on the quality of its Directors and executives.The remuneration philosophy is to attract,motivate and retain high performing and high quality personnel.The remuneration framework for the executives comprises a fixed cash component and where applicable,superannua
234、tion contributions and the issue of share options,performance rights or other share-based incentives which are intended to provide competitive rewards to attract high calibre executives.Any issuance of share options,performance rights or other share-based incentives to Directors requires the prior a
235、pproval of shareholders.The Company remunerates Non-Executive Directors for their time,commitment and responsibilities.The fees paid to Non-Executive Directors are set at levels which reflect both responsibilities of,and the time commitments required from each Non-Executive Director to discharge his
236、 duties and are not linked to the performance of the Company.Non-Executive Directors fees are set by the Board within the maximum aggregate amount of fees approved by shareholders at a general meeting.The Non-Executive Directors maximum aggregate cash fee pool is currently$250,000 per annum.Options
237、and performance rights are also offered to employees(including Executive and Non-Executive Directors)at the discretion of the Board.Performance criteria are one of the several elements utilised by the Board in assessing the issue of options and performance rights to employees.Length of service with
238、the Company,past and potential contribution of the person to the Group is also considered when awarding the options and performance rights to employees.The issuance of options is not linked to the performance of the Company.As an exploration company,the Board does not consider the Companys trading r
239、esult at year end as one of the performance indicators when determining whether to issue options to employees.There is no Board policy in relation to limiting the recipient exposure to risk in relation to securities.The table below sets out summary information about the movements in shareholder weal
240、th for the following financial periods:20242023202220212020$Interest income148,11849,5241,8891,149611Net loss before tax(8,344,009)(5,226,957)(2,586,374)(3,513,319)(1,823,335)Net loss after tax(8,344,009)(5,226,957)(2,586,374)(3,513,319)(1,823,335)Share price at the start of the year*$0.46$0.46$0.43
241、$0.42$0.14Share price at the end of the year*$0.36$0.46$0.46$0.43$0.42Dividends-Basic loss per share(cents)(3.6)(2.5)(1.5)(2.6)(1.9)Diluted loss per share(cents)N/AN/AN/AN/AN/A *Share prices are presented on a post-consolidated basis,following a ten for one share consolidation approved by shareholde
242、rs on 24 July 2024.Remuneration Report(Audited)Remuneration Report(Audited)continued32Service AgreementsNon-Executive DirectorsThe Non-Executive Directors maximum fees payable in aggregate is$250,000.Set out below is the remuneration paid to Non-Executive Directors during the reporting period:NameRo
243、leCommencement dateFixed annual remuneration including superannuationAdrian GoldstoneNon-Executive Director16 May 2024$60,000Mark TurnerNon-Executive Director16 April 2024$60,000Geoffrey JonesNon-Executive Chairman25 February 2023 to 23 October 2023$50,000Richard LockwoodNon-Executive Director25 Feb
244、ruary 2023 to 23 October 2023$40,000Richard LockwoodNon-Executive Chairman24 October 2023 to 17 May 2024$50,000Executive DirectorsRemuneration and other terms of employment for the executives are formalised in service agreements.The principal provisions of the agreements relating to remuneration are
245、 set out below:NameRoleCommencement dateFixed annual remuneration including superannuationTermination notice periodJohn DorwardExecutive Chairman16 May 2024$400,0006 monthsMatthew GreentreeChief Executive Officer and Managing Director10 April 2017$351,6486 monthsDenis RakichExecutive Director and Co
246、mpany Secretary31 January 2013 to 17 May 2024$279,7206 monthsDenis RakichCommercial Manager and Company Secretary18 May 2024$355,2003 monthsUse Of Remuneration ConsultantsDue to the size of the Companys operations,the Board has not engaged remuneration consultants to review and measure its remunerat
247、ion policy and strategy.However,the Board reviews remuneration strategy periodically and if required,will engage remuneration consultants in the future to assist with this process.Voting And Comments Made At The Companys 2023 Annual General MeetingThe Company received 90.02%of votes in favour of its
248、 remuneration report for the 2023 financial year at the 2023 AGM.The Company did not receive any specific feedback from shareholders at the annual general meeting or during the financial year regarding its remuneration practices.Remuneration Report(Audited)continued33Details Of RemunerationThe table
249、 below shows the fixed and variable remuneration for key management personnel for the financial year ended 30 June 2024:2024Short-term benefitsLong-term benefitsPost-employment benefitsShare-based paymentsTotalCash salary&feesAnnual leave1Other fees2Long service leave3SuperannuationOptions&rightsJ D
250、orward$45,276$3,418$1,144$740$4,980$51,030$106,588M Greentree$319,800$20,729$13,134$5,292$34,848$120,116$513,919A Goldstone$6,791-$1,144-$747$9,088$17,770M Turner$10,880-$1,967-$1,197$9,088$23,132D Rakich$254,583$46,395$13,134$17,147$28,933$431,898$792,090G Jones4$15,015-$3,742-$1,652-$20,409R Lockw
251、ood5$40,833-$12,033-$60,789$113,655Total$693,178$70,542$46,298$23,179$72,357$682,009$1,587,5631Annual leave relates to movements in annual leave provision during the year and annual leave payment made.2Other fees include the attributable non-cash benefit applied by virtue of the Companys Directors a
252、nd Officers Liability policy.3Long service leave relates to movements in long service leave provision during the year.4Mr Geoffrey Jones resigned on 23 October 20235Mr Richard Lockwood resigned on 17 May 2024The table below shows the fixed and variable remuneration for key management personnel for t
253、he financial year ended 30 June 2023:2023Short-term benefitsLong-term benefitsPost-employment benefitsShare-based paymentsTotalCash salary&feesAnnual leave1Other fees2Long service leave3SuperannuationOptions&rightsR Lockwood$46,548-$5,475-$29,711$81,734N Fearis4$26,310-$3,595-$45,250$75,155G Jones$4
254、1,812-$5,475-$4,390$14,855$66,532T Kestell5$36,199-$5,445-$3,801-$45,445M Greentree$319,800$7,196$5,475$2,617$33,264$78,437$446,789D Rakich$274,385$3,797$5,475$2,081$28,495$53,480$367,713Total$745,054$10,993$30,940$4,698$69,950$221,733$1,083,3681Annual leave relates to movements in annual leave prov
255、ision during the year and annual leave payment made.2Other fees include the attributable non-cash benefit applied by virtue of the Companys Directors and Officers Liability policy.3Long service leave relates to movements in long service leave provision during the year.4Mr Neil Fearis resigned on 25
256、February 2023.5Mr Kestell resigned on 28 June 2023.Options and performance rights are offered to key management personnel having regard,among other things,to the length of service with the Group,and the past and potential contribution of the person to the Group.The issuance of the options is not lin
257、ked to the performance of the Company.Remuneration Report(Audited)continued34The percentage of fixed remuneration to total remuneration is as follows:DirectorsFixed remunerationPerformance-based remuneration%consisting of options&rights202420232024202320242023J Dorward52%-48%-48%-M Greentree77%82%23
258、%15%23%15%A Goldstone49%-51%-51%-M Turner61%-39%-39%-D Rakich45%85%10%15%55%15%G Jones100%78%-22%-22%R Lockwood47%64%53%36%53%36%N Fearis-40%-60%-60%T Kestell-100%-No key management personnel appointed during the period received a payment for agreeing to accept a position with the Group.Performance
259、RightsPerformance Rights Plan is used to reward the Directors for their performance and to align their remuneration with the creation of shareholder wealth.The Performance Rights are issued for nil consideration and no consideration will be payable upon vesting of the Performance Rights.Subject to s
260、atisfaction of the vesting conditions,each Performance Right entitles the holder to be issued with one Ausgold share.During the financial year,the Company proposed to grant a total of 6,000,000 Performance Rights to the Companys Executive Chairman and two Non-Executive Directors.The grant of the Per
261、formance Rights encourages the Participating Directors to have a greater involvement in the achievement of the Companys objectives and to provide an incentive to strive to that end by participating in the future growth and prosperity of the Company through share ownership.The issue was approved by s
262、hareholders on 24 July 2024.The Performance Rights have an expiry date of 3 years from the date of their issue and will be granted in two tranches that will vest subject to the satisfaction of the vesting conditions set out below:TrancheVesting ConditionsTranche A Performance RightsOne third(33.33%)
263、of Tranche A Performance Rights will vest after each of the 12,24 and 36 month anniversary of the issue date of the Tranche A Performance Rights,respectively,subject to the holder remaining with the Company.Tranche B Performance RightsTranche B Performance Rights will vest as follows:i.one third(33.
264、33%)will vest upon receipt of ministerial approval to develop the Katanning Gold Project;ii.one third(33.33%)will vest upon the Katanning Gold Project reaching funded Final Investment Decision status;andiii.one third(33.33%)will vest upon the publication of a mineral resource reported in accordance
265、with JORC 2012 at a satellite project of not less than 250,000 ounces of gold.In the event of a change of control,all Performance Rights will automatically vest with immediate effects as if all the above vesting conditions bad been satisfied.The grant date of the Performance Rights was 24 July 2024,
266、and the share price on the grant date is$0.36.The expiry date of the rights is on 5 August 2027.As the Performance Rights contain non-market vesting conditions,the fair value per right of$0.36 is determined using the share price on the valuation date as the“per security”.Remuneration Report(Audited)
267、continued35Number of Performance Rights held by key management personnel or their related entities as at 30 June 2024 are as follows:Grant dateVesting dateBalance at start of yearGranted during the year3Redeemed as sharesForfeitedBalance at resignationBalance at end of yearMaximum value yet to vestN
268、umberNumberNumberNumberNumberNumber$24-Jul-245-Aug-27-1,500,000-1,500,000521,10924-Jul-245-Aug-25-500,000-500,000163,30324-Jul-245-Aug-26-500,000-500,000170,85524-Jul-245-Aug-27-500,000-500,000173,703J Dorward3,000,000-3,000,0001,028,97014-Oct-2231-Oct-241,320,000-1,320,00040,367M Greentree1 1,320,0
269、00-1,320,00040,36724-Jul-245-Aug-25-500,000-500,000175,19424-Jul-245-Aug-26-500,000-500,000177,45224-Jul-245-Aug-27-500,000-500,000178,266A Goldstone-1,500,000-1,500,000530,91224-Jul-245-Aug-25-500,000-500,000175,19424-Jul-245-Aug-26-500,000-500,000177,45224-Jul-245-Aug-27-500,000-500,000178,266M Tu
270、rner-1,500,000-1,500,000530,91214-Oct-2231-Oct-24900,000-900,00027,523D Rakich2900,000-900,00027,52314-Oct-2231-Oct-24250,000-(250,000)-G Jones250,000-(250,000)-14-Oct-2231-Oct-24500,000-500,000-R Lockwood500,000-500,000-Total rights2,970,0006,000,000-(250,000)500,0008,220,0002,158,6841 Relevant int
271、erests held through M&J Greentree Nominees Pty Ltd2 Relevant interests held as trustee of the Rakich Retirement Fund3 The Performance Rights granted during the year relate to equity instruments that are required to be accounted for under AASB 2 Share-Based Payments.The issue of the Performance Right
272、s was approved at a shareholders meeting on 24 July 2024.Remuneration Report(Audited)continued36Terms and conditions of the share-based payment arrangements:Grant dateVesting&exercise dateExpiry DateExercise PriceValue per right at grant date%vested14 October 202231 October 202431 October 2024$0.00$
273、0.1810%24 July 20245 August 20255 August 2027$0.00$0.3600%24 July 20245 August 20265 August 2027$0.00$0.3600%24 July 20245 August 20275 August 2027$0.00$0.3600%Directors20242023Performance RightsPerformance RightsValue grantedValue expensedValue grantedValue expensedJ Dorward$1,080,000$51,030-M Gree
274、ntree-$120,116$238,920$78,437A Goldstone$540,000$9,088-M Turner$540,000$9,088-D Rakich-$81,898$162,900$53,480R Lockwood-$60,789$90,500$29,711G Jones-($14,855)$45,250$14,855N Fearis-$45,250$45,250Total$2,160,000$317,154$582,820$221,733Options HoldingsNumber of options held by key management personnel
275、 or their related entities as at 30 June 2024 is set out below:NameOpening balanceGranted1ExercisedLapsedClosing balanceVested&exercisableUnvestedD Rakich-2,000,000-2,000,0002,000,000-1 The options granted during the year relate to equity instruments that are required to be accounted for under AASB
276、2 Share-Based Payments.The issue of the options was approved at a shareholders meeting on 24 July 2024.Directors20242023OptionsOptionsValue grantedValue expensedValue grantedValue expensedD Rakich$350,000$350,000-Total$350,000$350,000-Remuneration Report(Audited)continued37Share HoldingsNumber of sh
277、ares held by the Directors of the Company or their related entities as at 30 June 2024 is set out below:NameOpening balanceAcquiredOther changesBalance at resignationClosing balanceJ Dorward-3,333,334-3,333,334M Greentree12,600,000-2,600,000A Goldstone-30,000-30,000M Turner-D Rakich23,794,868-(791,1
278、78)3,003,6904-R Lockwood6,800,000-6,800,000-G Jones31,425,000-1,425,000-1 Relevant interest held through M&J Greentree Nominees Pty Ltd2 Relevant interest held as trustee of the Rakich Retirement Fund and indirect interest through spouse holdings in the name of Francesca Rakich and the Matilde Rakic
279、h Account.3 Relevant interest held as trustee of The Lee Jones Superannuation Fund.4 Balance upon resignation from the role of Executive Director,but remain as Company Secretary.Key Management Personnel Transactions With The CompanyIn May 2024,Mr John Dorward,the Executive Chairman,participated in t
280、he subscription agreement via the issue of unsecured loan notes through Resident Lounge Pty Ltd and Gumnut Pty Ltd,of which he is a Director.Total value of the loan notes plus interest amount to$256,049.32.The transactions were based on normal commercial terms and conditions.The interest of$6,049.32
281、 was paid to the companies,while the face value of the loan note of$250,000 was redeemed as consideration for shares in the Tranche 2 placement.There were no other key management personnel transactions with the Company during the financial year ended 30 June 2024.Loans To Key Management PersonnelNo
282、loans have been granted to key management personnel during the financial year ended 30 June 2024.END OF REMUNERATION REPORT.This report is signed in accordance with a resolution of the Directors.For and behalf of the DirectorsMatthew GreentreeManaging Director and Chief Executive OfficerPerth,Wester
283、n Australia18 September 202438Auditors Independence Declaration BDO Audit Pty Ltd ABN 33 134 022 870 is a member of a national association of independent entities which are all members of BDO Australia Ltd ABN 77 050 110 275,an Australian company limited by guarantee.BDO Audit Pty Ltd and BDO Austra
284、lia Ltd are members of BDO International Ltd,a UK company limited by guarantee,and form part of the international BDO network of independent member firms.Liability limited by a scheme approved under Professional Standards Legislation.Level 9,Mia Yellagonga Tower 2 5 Spring Street Perth,WA 6000 PO Bo
285、x 700 West Perth WA 6872 Australia Tel:+61 8 6382 4600 Fax:+61 8 6382 4601 .au DECLARATION OF INDEPENDENCE BY ASHLEIGH WOODLEY TO THE DIRECTORS OF AUSGOLD LIMITED As lead auditor of Ausgold Limited for the year ended 30 June 2024,I declare that,to the best of my knowledge and belief,there have been:
286、1.No contraventions of the auditor independence requirements of the Corporations Act 2001 in relation to the audit;and 2.No contraventions of any applicable code of professional conduct in relation to the audit.This declaration is in respect of Ausgold Limited and the entities it controlled during t
287、he period.Ashleigh Woodley Director BDO Audit Pty Ltd Perth18 September 2024 39Consolidated Statement of Profit or Loss and Other Comprehensive IncomeFOR THE YEAR ENDED 30 JUNE 2024Note2024$2023$Other income8186,473342,912Net movement in financial assets(3,987)1,750Impairment exploration expenses12(
288、4,279,879)(1,762,651)Corporate and administration expenses9(2,038,540)(1,937,875)Share-based payments expenses19(707,834)(702,166)Occupancy refund/(expenses)30,187(41,115)Other expenses(174,814)(176,707)Accounting expenses(114,258)(115,316)Consultants Advisory(305,796)(250,000)Amortisation and depre
289、ciation expenses(368,413)(307,037)Finance costs(227,079)(51,272)Research&Development(150,000)(63,255)Legal fees(190,069)(164,225)Loss before income tax(8,344,009)(5,226,957)Income tax benefit/(expense)10-Net loss attributable to members(8,344,009)(5,226,957)Other comprehensive income/(loss)Other com
290、prehensive income/(loss)-Total comprehensive income/(loss)for the period(net of tax)(8,344,009)(5,226,957)Loss per share for the period attributable to the members of Ausgold LimitedBasic and diluted loss per share(cents per share)21(3.59)(2.51)The consolidated statement of profit or loss and other
291、comprehensive income should be read in conjunction with the accompanying notes.40Consolidated Statement of Financial PositionAS AT 30 JUNE 2024Note2024$2023$ASSETSCurrent assetsCash and cash equivalents114,997,1679,412,384Trade and other receivables250,795173,684Security deposit151,425151,425Financi
292、al assets at fair value-126,000Total current assets5,399,3879,863,493Non-current assetsProperty,plant and equipment1312,098,165806,662Exploration and evaluation expenditure1271,275,87569,874,018Right-of-use assets14667,1781,002,121Total non-current assets84,041,21871,682.801Total assets89,440,60581,
293、546,294LIABILITIESCurrent liabilitiesTrade and other payables15723,966392,325Subscriptions in advance120,059-Lease liabilities14295,463290,265Financial liabilities162,061,055-Provisions17457,798328,430Total current liabilities3,658,3411,011,020Non-current liabilitiesLease liabilities14428,353733,347
294、Provisions171,234,3111,209,007Total non-current liabilities1,662,6641,942,354Total liabilities5,321,0052,953,374NET ASSETS84,119,60078,592,920EQUITYContributed equity18125,326,911113,690,511Reserves199,748,8467,514,557Accumulated losses20(50,956,157)(42,612,148)TOTAL EQUITY84,119,60078,592,920The Co
295、nsolidated Statement of Financial Position should be read in conjunction with the accompanying notes.41Consolidated Statement of Changes in EquityFOR THE YEAR ENDED 30 JUNE 2024NoteContributed Equity$Accumulated Losses$Reserves$Total Equity$Balance as at 1 July 2023113,690,511(42,612,148)7,514,55778
296、,592,920Loss for the year-(8,344,009)-(8,344,009)Other comprehensive income-Total comprehensive loss for the year-(8,344,009)-(8,344,009)Transactions with owners,recorded directly in equityShares issued1813,980,000-13,980,000Share issued costs18(838,800)-(838,800)Warrants issued 16-21,65521,655Share
297、-based payments19(1,504,800)-2,212,634707,834Balance as at 30 June 2024125,326,911(50,956,157)9,748,84684,119,600NoteContributed Equity$Accumulated Losses$Reserves$Total Equity$Balance as at 1 July 2022102,348,496(37,385,191)6,812,39171,775,696Loss for the year-(5,226,957)-(5,226,957)Other comprehen
298、sive income-Total comprehensive loss for the year-(5,226,957)-(5,226,957)Transactions with owners,recorded directly in equityShares issued1812,000,000-12,000,000Share issued costs18(659,985)-(659,985)Options issued182,000-2,000Share-based payments19-702,166702,166Balance as at 30 June 2023113,690,51
299、1(42,612,148)7,514,55778,592,920The Consolidated Statement of Changes in Equity should be read in conjunction with the accompanying notes.42Consolidated Statement of Cash FlowsFOR THE YEAR ENDED 30 JUNE 2024Note2024$2023$Cash flows from operating activitiesInterest received148,11849,524Interest and
300、other costs of finance paid(6,181)-Payments to suppliers and employees(2,739,602)(2,585,235)Receipts from rebates and claims38,355293,388Net cash flows used in operating activities(2,559,310)(2,242,323)Cash flows from investing activitiesPayment for property,plant and equipment13(11,331,367)(637,874
301、)Payment for security deposit-(56,815)Proceeds from disposal of investments110,589-Payment for exploration expenditure12(5,681,736)(9,871,928)Net cash flows used in investing activities(16,902,514)(10,566,617)Cash flows from financing activitiesRepayment of lease obligations(50,771)(49,247)Proceeds
302、from loan notes163,000,000-Repayment of loan notes(900,000)-Costs in relation to loan notes(180,000)-Proceeds from issue of share capital14,100,05812,002,000Transaction costs in relation to issue of shares(922,680)(659,984)Net cash flows generated from financing activities15,046,60711,292,769Net dec
303、rease in cash and cash equivalents(4,415,217)(1,516,171)Cash and cash equivalents at the beginning of the period9,412,38410,928,555Cash and cash equivalents at the end of the year114,997,1679,412,384The Consolidated Statement of Cash Flows should be read in conjunction with the accompanying notes.43
304、Notes to the Consolidated Financial StatementsFOR THE YEAR ENDED 30 JUNE 20241.Reporting EntityAusgold Limited(“Ausgold”or“parent entity”or“Company”)and its controlled entities(collectively known as“the Group”or“consolidated entity”)are domiciled in Australia.The annual financial report of the Group
305、 for the financial year ended 30 June 2024 was authorised for issue in accordance with a resolution of the Directors on 18 September 2024.The consolidated entitys principal activities during the financial year were the exploration for gold and other precious metals.2.Basis Of PreparationThe consolid
306、ated annual financial report is a general purpose financial report which has been prepared in accordance with the requirements of the Corporations Act 2001,Australian Accounting Standards and authoritative pronouncements of the Australian Accounting Standards Board(“AASB”)and complies with Internati
307、onal Financial Reporting Standards(IFRS)as issued by the International Accounting Standards Board(“IASB”).The financial report has also been prepared on a historical cost basis except for assets and liabilities which are required to be measured at fair value.The financial report is presented in Aust
308、ralian Dollars,which is the Groups functional and presentation currency.The financial statements were authorised for issue by the Board of Directors on 18 September 2024.The Group has adopted all the new,revised or amending Accounting Standards or Interpretations issued by the AASB that are mandator
309、y for the current reporting period.All new,revised or amending Accounting Standards or Interpretations that are not mandatory have not been early adopted.The adoption of these Accounting Standards and Interpretations did not have any significant impact on the financial performance or position of the
310、 Group.3.Changes In Accounting PoliciesThe Group has adopted all the new or amended Accounting Standards,amendments and interpretations issued by the AASB that are mandatory for the current reporting year.4.Significant Accounting Judgements,Estimates And AssumptionsThe preparation of the Groups cons
311、olidated financial statements requires management to make judgements,estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the consolidated financial statements,and the reported amounts of revenues and expenses during the reporting period.Estimates and a
312、ssumptions are continuously evaluated and are based on managements experience and other factors,including expectations of future events,which are believed to be reasonable under the circumstances.However actual outcomes would differ from these estimates if different assumptions were used and differe
313、nt conditions existed.The Group has identified the following area where significant judgements,estimates and assumptions are required,and where actual results were to differ,may materially affect the financial position or financial results reported in future periods.Notes to the Consolidated Financi
314、al Statements continued444.Significant Accounting Judgements,Estimates And Assumptions(Contd)Exploration and evaluation expenditureExploration and evaluation expenditure are capitalised to areas of interest and carried forward where right of tenure of the area of interest is current and they are exp
315、ected to be recouped through sale or successful development and exploitation of the area of interest,or where exploration and evaluation activities in the area of interest have not yet reached a stage that permits reasonable assessment of the existence of economically recoverable reserves.Capitalise
316、d exploration costs are reviewed each reporting date to establish whether an indication of impairment exists.If any such indication exists,the recoverable amount of the capitalised exploration cost is estimated to determine the extent of the impairment loss(if any).Where an impairment loss subsequen
317、tly reverses,the carrying amount of the asset is increased to the revised estimate of its recoverable amount,but only to the extent that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the assets in previous
318、 years.Where a decision is made to proceed with development,accumulated expenditure is tested for impairment and transferred to development properties,and then amortised over the life of the reserves associated with the area of interest once mining operations have commenced.Recoverability of the car
319、rying amount of the exploration and evaluation assets is dependent on successful development and commercial exploitation,or alternatively,sale of the respective areas of interest.Impairment of assetsAt each reporting date,the Group assesses whether there is any indication that individual assets are
320、impaired.Where impairment indicators exist,recoverable amount is determined and impairment losses are recognised in the statement of profit or loss and other comprehensive income where the assets carrying value exceeds its recoverable amount.Recoverable amount is the higher of an assets fair value l
321、ess costs to sell and value in use.Rehabilitation ProvisionThe Group assesses its rehabilitation provision at each reporting date.Significant judgement is required in determining the provision for rehabilitation as there are many factors that will affect the ultimate liability payable to rehabilitat
322、e the existing mine sites,including future disturbances caused by further development,changes in technology and changes in regulations.When these factors change or become known in the future,such differences will impact the mine rehabilitation provision in the period in which the change becomes know
323、n.Refer Note 17 for further details.Share-based payment transactionsThe Group measures the cost of equity-settled transactions by reference to the fair value of the equity instruments at the date at which they are granted.Fair values are determined using appropriate valuation techniques that take in
324、to account various inputs that represent the best estimates available at the time of performing the calculation but are subject to variability and may be materially different if hindsight was to be used.Details of share-based payments can be found in Note 19.5.Segment ReportingOperating segments are
325、 reported in a manner consistent with the internal reporting to the Chief Operating Decision Maker,which has been identified by the Group as the Board of Directors.The Group has identified its operating segments based on the internal reports that are reviewed and used by the Board of Directors in as
326、sessing performance and determining the allocation of resources.Reportable segments disclosed are based on aggregating operating segments,where the segments have similar characteristics.The Groups sole activity is mineral exploration and resource development wholly with Australia,therefore it has ag
327、gregated all operating segments into the one reportable segment being mineral exploration.All non-current-assets are derived in Australia.The reportable segment is represented by the primary statements forming this financial report.Notes to the Consolidated Financial Statements continued456.Parent E
328、ntity InformationThe financial statements of the parent entity are set out below:Note2024$2023$Current assets5,318,5719,556,977Non-current assets82,611,13970,581,612Total assets87,929,71080,138,589Current liabilities969,616475,972Non-current liabilities2,840,4941,069,697Total liabilities3,810,1101,5
329、45,669NET ASSETS84,119,60078,592,920Contributed equity132,211,353120,572,953Reserves9,748,8467,516,557Accumulated losses(57,840,599)(49,496,590)TOTAL EQUITY84,119,60078,592,920Loss for the year(8,344,009)(5,235,128)Other comprehensive income/(loss)-Total comprehensive loss for the year(8,344,009)(5,
330、235,128)The parent entity did not have any contingent assets or liabilities as at 30 June 2024.The accounting policies of the parent are the same as the Group,except that they carry investments in subsidiaries at cost.7.Financial Risk ManagementOverviewThe overall financial risk management strategy
331、focuses on the unpredictability of the financial markets and seeks to minimise the potential adverse effects on financial performance and protect financial security.The Group have exposure to the following risks from their use of financial instruments:Credit risk Liquidity risk Market risk(including
332、 interest rate risk)This note presents information about the consolidated entitys exposure to each of the above risks,their objectives,policies and processes for measuring and managing risk and the management of capital.Ausgolds risk management framework is supported by the Board,management and the
333、Audit and Risk Committee.The Board is responsible for approving and review the consolidated entitys risk management strategy and policy.Management is responsible for monitoring that appropriate processes and controls are in place effectively and efficiently manage risk.The Audit and Risk Committee is responsible for identifying,monitoring and managing significant business risks faced by consolidat
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